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is the story with chicago? truly as bad as detroit or heading in that direction? >> economically not as bad a viable global city but their budget is a mess. $3 billion in taxes they collect, this year is the need to a $415 million for pensions and that is going to $1 billion in a year. this release the projection, that would be the third tax collection going in to pensions. this is something the state is mandating and they don't know how they can pay that. lori: you mentioned chicago economically in better shape. look at the baseball game where all those people to do a rod, more about that this afternoon but the underlying economy of chicago seems to have some growth potential. >> the economy there is okay and. nobody is really flying in this economy but here is the point, has not been economically declining of the way detroit is but their pension obligations are, their pension system is in worse shape than detroit's, detroit's system is considered an argument how well funded it is but they have four pension systems in chicago, one of them is only 25% funded and the other one is only 38% fu
to take advantage of that. today, the final day for organizations to file objections to detroit's bankruptcy filings. they must find that the city is insolvent and has negotiated in good place with creditors. if detroit is deemed eligible, it will be the biggest case in u.s. history. lori: in the meantime, president obama getting back to business. meeting with financial regulators about implementing dodd-frank peter barnes has the very latest. peter: that is just one of the latest things he has on his plate. very busy with things like egypt and syria. the president would like to keep the focus on jobs and the economy. foreign-policy issues may not let him do that. he goes on a two were later this week. congress is out on its regular august recess. he has a megaphone right now and he needs to use it while he can. >> every president in their second term, lame ducks get closer every day. the president is walking a fine line of where he is in that timeline. peter: the end of the fiscal year is september 30. they have not worked out a deal to fund the government. they are looking at
and more than half of the company's 1.3 million u.s. employees are on its health care plans. >>> in detroit a federal judge moved up the a hearing on the city's eligibility for bankruptcy. instead of october 23rd, egin on september 18 to determine whether detroit is insolvent and if the city negotiated in good faith with its creditors. >>> texas is home to four out of top five cities for u.s. business. baltimore was fourth and hughes to infifth. rankings are based on growth rates, local taxes and regulations. >>> that's the latest from the fox business network, giving you the power to prosper. lori: who wants to intentionally step on broken glass when you go to the beach? well some florida beach communities are actually talking about putting it in the sand. joining me now from miami beach is fox's phil keating. hi, phil. >> hi, there. down here in florida, sand is is like gold. it draws millions of tourists every year which contributes $70 billion to the state's economy. believe it or not because of erosion constant along the coastline, you can see it with the three or four foot drop down t
-free municipal bond, but does detroit give you cause for concern? and other cities across the country that are in similar condition? >> well, i wouldn't touch the cities. you've got to do your homework. so, cities, whether it is harrisburg or detroit or stockton, california, they're are a number of cities you've got to get under the hood and look at the credits but if you look at the highest grade, quality tax-free bond today, they're out there with the yields between 4 and 5% and they're not city credits. they're not detroit's. when that analysis is done, at our present tax structure the taxable equivalent yield is about nine. where are you going to get nine in a liquid investment of very high credit quality? i don't see very much of it. so we shifted allocation to tax-free bond. ashley: very good. do your homework. always good advice. david kotok, thank you so much for joining us. we appreciate it. >> thank you. lori: let's take a specific look at the market because the gains thus far are evaporating slightly. lauren simonetti joins us from the floor of the stock exchange. you're wa
representing detroit says there are significant difficulties that are making it hard to reach a deal. two weeks ago, detroit filed for chapter 9 protection citing debts of at least $18 billion. >>> shares of athlon energy jumping nearly 35% on the company's new york city debut. pricing its initial offering at 20 buck as share. >>> factory orders rising to a record high in june boosted by strong demand in airplanes, machinery and autos. mark the second month that autos have been at an all-time high. that is the latest from the fox business network, giving you the power to prosper. lori: jurassic profits. that is what bidders will be going for in this fall with a rare set of dinosaur bones hits the auction block. paleontologist is the consulting director of a natural history department and the man behind this auction. we literally yanked him off his latest dinosaur bone dig. we're so supposed to welcome him here to help us explain the value of these fossils. how they determine the value and really what the dinosaur bone market and industry is like these days. sir, welcome to you. this going up fo
. they have not voted yet i don't think this will change because they can see what is happening detroit has just gone bankrupt and relied on gm and chrysler and ford they do not want to go the way of detroit to one of the pensions will be smaller you know, you'll end up with less at the end of the day. >> with the individual company you can change it if you change jobs in ticket with you that is the advantage. if you want to move to a better job you can without investing in your pension. tracy: give them props for trying. i don't know what they're thinking. [laughter] great to be with you. ashley: they go to the south because the state's give tax advantages nissan moved to just south of nashville for that reason so it makes sense. amazon moving into a new business rolling out where people can buy a fine art from people and galleries nearly 40,000 works by 5,000 artist but the well-known names are bringing in the big bucks the most expensive item norman rockwell going after four-point a million dollars. it's still works even with him in the war hall -- andy warhol. >> you would think you wo
index raised in august. now in detroit, a federal judge has moved up a hearing on the cities eligibility for bankruptcy. the top five for small businesses. said, san antonio and dallas. baltimore and houston came in next. that is the latest from fox business network. giving you the power to prosper. ♪ connell: jack lew saying our nation will hit the debt limit in late october. to d.c. now and rich edson. >> neither have an opening offer. they refuse to negotiate. that glue claims based on our latest estimates, extraordinary measures are expected to be exhausted. failure means irreparable harm to the economy. one analyst agrees. >> we still will have a very nasty situation where people do not trust us anymore and they want more money. >> the u.s. can expect a severe amount of confidence. while lawmakers return to washington in the next few weeks to figure this out, congress may have more time than he is claiming. officials said they would have only 50 billion in cash, but treasury ran a surplus last september which traditionally is a huge thing. connell: thank you. a great rapport. rich
although there are too much price into them with the detroit bankruptcy although that is a unique event but on the heaviside before the holiday week but on average we're looking at 6 billion a of think it is that far out. lori: any other fixed-income tools we should look at? >> we have been encouraging customers to look at one market that i mentioned before is the fluting note rates issued by corporations and start with a fixed-rate but then five years convert to the floating rate but the benefit is the risk of the 5 yards -- five-year bond defensed does start to hike down the road. lori: i do remember that discussion. thank you. breaking news will closing down $0.5,105.92 a barrel. so with the decline in oil prices that is it today decline for the price of crude. donald trump is being sued $40 million for full profits of trump university for deceiving customers at every stage. his legal team has responded in rehab the details. >> they said the new york attorney general allegedly tried to settle the case but at just $5 million was pushing to settle. allegedly he told the trump organizat
Search Results 0 to 7 of about 8